Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Refer to the section below entitled "Special Note Regarding Forward-Looking Statements" for a discussion of factors that could cause our actual results to differ from the forward-looking statements contained below and throughout this quarterly report.

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we refer to measures used by management to evaluate performance, including a number of financial measures that are not defined under accounting principles generally accepted in the United States of America ("GAAP"). Please see "Non-GAAP Disclosures" at the end of this Item 2 for further detail on these financial measures. We believe these measures provide investors with important information that is useful in understanding our business results and trends. Reconciliations within this MD&A provide more details on the use and derivation of these measures.

OVERVIEW

Dover is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's entrepreneurial business model encourages, promotes and fosters deep customer engagement and collaboration, which has led to Dover's well-established and valued reputation for providing superior customer service and industry-leading product innovation. Unless the context indicates otherwise, references herein to "Dover," "the Company," and words such as "we," "us," or "our" include Dover Corporation and its consolidated subsidiaries.

Dover's five operating segments are as follows:

• Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering and fluid dispensing end-markets.

• Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

• Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets.

• Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets.

• Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.

In the first quarter of 2026, revenue was $2.1 billion, which increased $187.6 million, or 10.1%, as compared to the first quarter of 2025. This increase was driven by organic revenue growth of 5.3%, a favorable impact from foreign currency translation of 2.9% and acquisition-related revenue growth of 1.9%. Revenue growth was primarily driven by continued demand strength in our secular-growth-exposed end markets and pricing actions. The acquisition-related growth was primarily driven by our acquisitions in the Pumps & Process Solutions segment.

The 5.3% organic revenue growth for the first quarter of 2026 was driven by our Climate & Sustainability Technologies, Clean Energy & Fueling, and Engineered Products segments which grew 15.2%, 11.1%, and 2.1%, respectively. The growth was partially offset by the Imaging & Identification and Pumps & Process Solutions segments which declined 3.3% and 0.8%, respectively. For further information, see "Segment Results of Operations" within this Item 2.

From a geographic perspective, organic revenue for the U.S., our largest market, increased 12.1% in the first quarter of 2026 compared to the prior year comparable quarter, primarily driven by an increase in organic revenue in the Clean Energy & Fueling, Climate & Sustainability Technologies and Pumps & Process Solutions segments. Organic revenue increased for the Other Americas by 3.0% and decreased for Asia, Europe, and all other geographic markets by 4.7%, 4.2%, and 3.3%, respectively.

Bookings were $2.5 billion for the three months ended March 31, 2026, an increase of $474.1 million or 23.8% compared to the prior year comparable quarter. Bookings increased across all segments and most notably in the Climate & Sustainability Technologies segment.

Restructuring and other costs for the three months ended March 31, 2026 were $36.8 million, which included restructuring charges of $30.2 million and other costs of $6.6 million. Restructuring and other costs were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling segments. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.

In the three months ended March 31, 2026, the Company repurchased 250,000 shares at a total cost of $53.9 million, or $215.75 per share. As of March 31, 2026, 14,346,708 shares remain authorized for repurchase under the August 2023 share repurchase authorization.

CONSOLIDATED RESULTS OF OPERATIONS

			Three Months Ended March 31,
(dollars in thousands, except per share figures)			2026						2025						% / Point Change
Revenue			$	2,053,623					$	1,866,059					10.1		%
Cost of goods and services			1,255,488						1,120,559						12.0		%
Gross profit			798,135						745,500						7.1		%
Gross profit margin			38.9		%				40.0		%				(1.1)
Selling, general and administrative expenses			492,226						449,191						9.6		%
Selling, general and administrative expenses as a percent of revenue			24.0		%				24.1		%				(0.1)
Operating earnings			305,909						296,309						3.2		%
Interest expense			29,522						27,608						6.9		%
Interest income			(14,060)						(20,254)						(30.6)		%
Gain on dispositions			—						(2,468)						nm*
Other income, net			(8,455)						(3,958)						nm*
Earnings before provision for income taxes			298,902						295,381						1.2		%
Provision for income taxes			60,153						56,140						7.1		%
Effective tax rate			20.1		%				19.0		%				1.1
Earnings from continuing operations			238,749						239,241						(0.2)		%
Loss from discontinued operations, net			(316)						(8,420)						nm*
Net earnings			$	238,433					$	230,821					3.3		%
Earnings per common share from continuing operations - diluted			$	1.76					$	1.73					1.7		%

• nm - not meaningful

Revenue

Revenue for the three months ended March 31, 2026 increased $187.6 million, or 10.1%, from the prior year comparable quarter. The increase in revenue was driven by organic revenue growth of 5.3%, primarily in our Climate & Sustainability Technologies, Clean Energy & Fueling and Engineered Products segments, a favorable impact from foreign currency translation of 2.9% and acquisition-related growth of 1.9%. Customer pricing favorably impacted revenue by approximately 1.8% in the first quarter of 2026 and by 1.3% in the prior year comparable quarter.

Gross Profit

Gross profit for the three months ended March 31, 2026 increased $52.6 million, or 7.1%, and gross profit margin decreased 110 basis points to 38.9%, versus the prior year comparable quarter. The gross profit margin decrease was primarily due to an unfavorable portfolio mix, partially offset by by productivity initiatives and benefits from restructuring actions.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2026 increased $43.0 million, or 9.6%, from the prior year comparable quarter, primarily due to increases in employee compensation and benefits and acquisition-related amortization expense. As a percentage of revenue, selling, general and administrative expenses decreased 10 basis points as compared to the prior year comparable quarter to 24.0%.

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $39.6 million and $37.5 million for the three months ended March 31, 2026 and 2025, respectively. The costs as a percentage of revenue were 1.9% and 2.0% for the three months ended March 31, 2026 and 2025, respectively.

Non-Operating Items

Interest Expense, net

For the three months ended March 31, 2026, interest expense, net of interest income, increased $8.1 million, or 110.3%, to $15.5 million compared to the prior year comparable quarter. The increase was primarily due to lower interest income from highly liquid short-term investments and higher interest expense incurred from the issuance of the €550.0 million 3.50% euro-denominated notes in the fourth quarter of 2025.

Income Taxes

The effective tax rates for the three months ended March 31, 2026 and 2025 were 20.1% and 19.0%, respectively. The increase in the effective tax rate for the three months ended March 31, 2026 relative to the prior year comparable quarter was primarily due to a prior year reorganization.

On July 4, 2025, the One Big Beautiful Bill was enacted into law, introducing changes to the U.S. tax code, including making permanent certain provisions originally enacted under the Tax Cuts and Jobs Act, such as 100% bonus depreciation and the immediate expensing of domestic research and development costs. The changes do not have a material impact to our condensed consolidated financial statements.

The Company is continuing to monitor the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a material impact on our effective tax rate.

Earnings from Continuing Operations

Earnings from continuing operations for the three months ended March 31, 2026 remained flat at $238.7 million, or $1.76 diluted earnings per share from continuing operations, compared to $239.2 million, or $1.73 diluted earnings per share from continuing operations in the prior year comparable quarter. The increases in employee compensation and benefits expense, acquisition-related amortization expense, and interest expense, net were offset by the increase in gross profit primarily driven by strong revenue growth.

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of each of our five reportable operating segments (Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies). Each of these segments is comprised of various product and service offerings that serve multiple markets. We evaluate our operating segment performance based on segment earnings as defined in Note 16 — Segment Information in the condensed consolidated financial statements in Item 1 of this Form 10-Q.

We report organic revenue growth (a non-GAAP measure) which excludes the impact of foreign currency exchange rates and the impact of acquisitions and divestitures. We believe that reporting organic revenue growth provides a useful comparison of our revenue performance and trends between periods. See "Non-GAAP Disclosures" at the end of this Item 2.

Additionally, we use the following operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments:

• Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of order trends.

• Book-to-bill is a ratio of the amount of bookings received from customers during a period divided by the amount of revenue recorded during that same period. This metric is a useful indicator of demand.

Engineered Products

Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, precision soldering and fluid dispensing end-markets.

						Three Months Ended March 31,
(dollars in thousands)						2026						2025						% Change
Revenue						$	266,639					$	254,646					4.7		%
Segment earnings						$	44,991					$	44,114					2.0		%
Segment earnings margin						16.9 %						17.3 %
Operational metrics:
Bookings						$	294,009					$	264,538					11.1		%
Components of revenue growth:
Organic growth																		2.1		%
Foreign currency translation																		2.6		%
Total revenue growth																		4.7		%

First Quarter 2026 Compared to the First Quarter 2025

Engineered Products revenue for the first quarter of 2026 increased $12.0 million, or 4.7%, as compared to the first quarter of 2025, driven by a favorable impact from foreign currency translation of 2.6% and organic growth of 2.1%. Customer pricing favorably impacted revenue by approximately 2.1% in the first quarter of 2026 and 1.3% in the prior year comparable quarter.

The organic revenue growth was primarily driven by pricing actions and solid demand trends across end markets. The growth outlook is favorable for the remainder of the year as we expect improvement in vehicle service business demand and constructive demand conditions across key end markets, most notably in aerospace and defense.

Engineered Products segment earnings increased $0.9 million, or 2.0%, compared to the first quarter of 2025. The increase was primarily driven by pricing actions, productivity initiatives and carry-over benefits from restructuring actions taken in 2025, partially offset by inflationary impacts and unfavorable mix. Segment earnings margin decreased to 16.9% from 17.3% as compared to the prior year comparable quarter.

Overall bookings increased 11.1% as compared to the prior year comparable quarter. The bookings increase was driven by strength in our aerospace and defense business and winch and hoist demand. Segment book-to-bill was 1.10.

Clean Energy & Fueling

Our Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

						Three Months Ended March 31,
(dollars in thousands)						2026						2025						% Change
Revenue						$	554,809					$	491,148					13.0		%
Segment earnings						$	99,041					$	85,644					15.6		%
Segment earnings margin						17.9 %						17.4 %
Operational metrics:
Bookings						$	615,197					$	543,859					13.1		%
Components of revenue growth:
Organic growth																		11.1		%
Acquisitions																		0.1		%
Foreign currency translation																		1.8		%
Total revenue growth																		13.0		%

First Quarter 2026 Compared to the First Quarter 2025

Clean Energy & Fueling revenue for the first quarter of 2026 increased $63.7 million, or 13.0%, as compared to the first quarter of 2025, driven by organic growth of 11.1%, a favorable foreign currency translation impact of 1.8% and acquisition-related growth of 0.1%. Acquisition-related growth was primarily driven by the acquisition of Site IQ, LLC in the third quarter of 2025. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 2.1% and by 1.4% in the prior year comparable quarter.

The organic revenue growth was primarily driven by pricing actions and favorable demand trends in our above and below-ground retail fueling, fluid transport, and clean energy components businesses. We expect positive demand trends to continue in the rest of year driven by a favorable demand outlook across major end markets.

Clean Energy & Fueling segment earnings increased $13.4 million, or 15.6%, over the prior year comparable quarter. The increase was primarily driven by higher volumes, benefits from restructuring actions, and favorable pricing offsetting cost headwinds. Segment earnings margin increased to 17.9% from 17.4% as compared to prior year comparable quarter.

Overall bookings increased 13.1% as compared to the prior year comparable quarter. The bookings increase was primarily driven by demand in clean energy components and North America above and below-ground retail fueling equipment. Segment book-to-bill was 1.11.

Imaging & Identification

Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets.

						Three Months Ended March 31,
(dollars in thousands)						2026						2025						% Change
Revenue						$	285,420					$	280,090					1.9		%
Segment earnings						$	77,457					$	77,575					(0.2)		%
Segment earnings margin						27.1 %						27.7 %
Operational metrics:
Bookings						$	312,646					$	288,169					8.5		%
Components of revenue growth:
Organic decline																		(3.3)		%
Foreign currency translation																		5.2		%
Total revenue growth																		1.9		%

First Quarter 2026 Compared to the First Quarter 2025

Imaging & Identification revenue for the first quarter of 2026 increased $5.3 million, or 1.9%, as compared to the first quarter of 2025, driven by a favorable impact from foreign currency translation of 5.2%, partially offset by an organic revenue decline of 3.3%. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 1.2% and by approximately 2.3% in the prior year comparable quarter.

The organic revenue decline was primarily due to shipment timing for marking and coding equipment, partially offset by pricing actions. We expect organic revenue growth to inflect positively as we move through the year driven by pricing and constructive demand trends across the segment.

Imaging & Identification segment earnings decreased $0.1 million, or 0.2%, over the prior year comparable quarter. The decrease was primarily due to lower volumes, mostly offset by favorable pricing actions and productivity initiatives. Segment earnings margin decreased to 27.1% from 27.7% in the prior year comparable quarter.

Overall bookings increased 8.5% as compared to the prior year comparable quarter. The bookings increase was primarily driven by order strength in our core marking and coding business. Segment book-to-bill was 1.10.

Pumps & Process Solutions

Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets.

						Three Months Ended March 31,
(dollars in thousands)						2026						2025						% Change
Revenue						$	537,810					$	493,573					9.0		%
Segment earnings						$	169,492					$	151,275					12.0		%
Segment earnings margin						31.5 %						30.6 %
Operational metrics:
Bookings						$	597,578					$	499,287					19.7		%
Components of revenue growth:
Organic decline																		(0.8)		%
Acquisitions																		7.0		%
Foreign currency translation																		2.8		%
Total revenue growth																		9.0		%

First Quarter 2026 Compared to the First Quarter 2025

Pumps & Process Solutions revenue for the first quarter of 2026 increased $44.2 million, or 9.0%, as compared to the first quarter of 2025, driven by acquisition-related growth of 7.0% and a favorable impact from foreign currency translation of 2.8%, partially offset by an organic revenue decline of 0.8%. Acquisition-related growth was driven by the acquisitions of Sikora AG and ipp Pump Products GmbH in the second quarter of 2025. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 1.6% and by approximately 1.3% in the prior year comparable quarter.

The organic revenue decline was primarily due to anticipated revenue declines in our plastics and polymer processing solutions business as customers continue to focus on optimizing the significant capacity investments made over the last several years, partially offset by robust demand for single-use biopharma components and precision components for midstream natural gas compression and power generation. We expect organic growth to trend positively as we move through the year.

Pumps & Process Solutions segment earnings increased $18.2 million, or 12.0%, over the prior year comparable quarter. The increase was driven by favorable price vs. cost dynamics, favorable portfolio mix and the impact from acquisitions, partially offset by lower polymer processing volumes. Segment earnings margin increased to 31.5% from 30.6% in the prior year comparable quarter.

Overall bookings increased 19.7% as compared to the prior year comparable quarter. The bookings increase was primarily driven by positive demand trends in biopharmaceutical and power generation end markets, as well as the favorable impact from acquisitions. Segment book-to-bill was 1.11.

Climate & Sustainability Technologies

Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.

						Three Months Ended March 31,
(dollars in thousands)						2026						2025						% Change
Revenue						$	411,060					$	347,888					18.2		%
Segment earnings						$	63,995					$	52,119					22.8		%
Segment earnings margin						15.6 %						15.0 %
Operational metrics:
Bookings						$	646,960					$	395,623					63.5		%
Components of revenue growth:
Organic growth																		15.2		%
Foreign currency translation																		3.0		%
Total revenue growth																		18.2		%

First Quarter 2026 Compared to the First Quarter 2025

Climate & Sustainability Technologies revenue increased $63.2 million, or 18.2%, as compared to the first quarter of 2025, driven by an organic revenue growth of 15.2% and a favorable impact from foreign currency translation of 3.0%. Customer pricing favorably impacted revenue in the first quarter of 2026 by approximately 2.0% and by approximately 0.2% in the prior year comparable quarter.

The organic revenue growth was primarily driven by continued strong demand in CO2 refrigerant systems and recovery in refrigerated door case volumes, as well as accelerating demand for heat exchangers used in data center cooling and other applications. We expect organic growth trends to remain constructive as we progress throughout the year.

Climate & Sustainability Technologies segment earnings increased $11.9 million, or 22.8%, over the prior year comparable quarter. The increase in segment earnings was primarily driven by the favorable impact from higher volumes, productivity initiatives and the favorable mix impact from CO2 refrigerant systems growth in retail refrigeration. Segment earnings margin increased to 15.6% from 15.0% in the prior year comparable quarter.

Bookings in the first quarter of 2026 increased 63.5% from the prior year comparable quarter. The bookings increase was primarily driven by demand strength in retail refrigeration and heat exchanger demand trends, including longer lead-time orders. Segment book-to-bill was 1.57.

Reconciliation of Segment Earnings to Earnings from Continuing Operations

			Three Months Ended March 31,
(in thousands)			2026						2025
Earnings from Continuing Operations:
Segment earnings:
Engineered Products			$	44,991					$	44,114
Clean Energy & Fueling			99,041						85,644
Imaging & Identification			77,457						77,575
Pumps & Process Solutions			169,492						151,275
Climate & Sustainability Technologies			63,995						52,119
Total segment earnings			454,976						410,727
Purchase accounting expenses (1)			54,579						49,104
Restructuring and other costs (2)			36,795						9,397
Gain on dispositions (3)			—						(2,468)
Corporate expense / other (4)			49,238						51,959
Interest expense			29,522						27,608
Interest income			(14,060)						(20,254)
Earnings before provision for income taxes			298,902						295,381
Provision for income taxes			60,153						56,140
Earnings from continuing operations			$	238,749					$	239,241

(1) Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.

(2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.

(3) Gain on dispositions, including post-closing adjustments.

(4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

Restructuring and Other Costs (Benefits)

Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three months ended March 31, 2026, we incurred restructuring charges of $30.2 million and other costs, net of $6.6 million. Restructuring charges for the three months ended March 31, 2026 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Clean Energy & Fueling segments. These restructuring programs were initiated in 2025 and 2026 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $6.6 million for the three months ended March 31, 2026 include $3.0 million in costs associated with a footprint reduction in our Climate & Sustainability Technologies segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statements of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2026 with related restructuring and other cost charges.

We recorded the following restructuring and other costs for the three months ended March 31, 2026:

			Three Months Ended March 31, 2026
(in thousands)			Engineered Products						Clean Energy & Fueling						Imaging & Identification						Pumps & Process Solutions						Climate & Sustainability Technologies						Corporate						Total
Restructuring			$	1,724					$	7,542					$	1,036					$	10,971					$	8,526					$	412					$	30,211
Other costs, net			10						1,764						1,039						393						2,960						418						6,584
Restructuring and other costs			$	1,734					$	9,306					$	2,075					$	11,364					$	11,486					$	830					$	36,795

Restructuring and other costs for the three months ended March 31, 2025 include restructuring charges of $8.3 million and other costs, net of $1.1 million. Restructuring charges for the three months ended March 31, 2025 were primarily related to headcount reductions and exit costs across the segments. These restructuring programs were initiated in 2024 and 2025. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.

We recorded the following restructuring and other costs for the three months ended March 31, 2025:

			Three Months Ended March 31, 2025
(in thousands)			Engineered Products						Clean Energy & Fueling						Imaging & Identification						Pumps & Process Solutions						Climate & Sustainability Technologies						Corporate						Total
Restructuring			$	2,468					$	1,768					$	169					$	1,945					$	1,666					$	294					$	8,310
Other costs (benefits), net			61						115						415						(43)						401						138						1,087
Restructuring and other costs			$	2,529					$	1,883					$	584					$	1,902					$	2,067					$	432					$	9,397

Purchase Accounting Expenses

Purchase accounting expenses primarily relate to amortization of acquired intangible assets. These expenses are not presented in our segment earnings because they are excluded from the segment operating performance measure reviewed by management. These expenses reconcile to segment earnings as follows:

			Three Months Ended March 31,
(in thousands)			2026						2025
Purchase Accounting Expenses
Engineered Products			$	2,849					$	2,657
Clean Energy & Fueling			24,946						25,621
Imaging & Identification			5,109						5,610
Pumps & Process Solutions			17,250						10,808
Climate & Sustainability Technologies			4,425						4,408
Total			$	54,579					$	49,104

FINANCIAL CONDITION

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions, dispositions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit and the ability to attract long-term capital with satisfactory terms. We generate substantial cash from the operations of our businesses and remain in a strong financial position, with sufficient liquidity available for upcoming debt maturities and for reinvestment in existing businesses and strategic acquisitions.

Cash Flow Summary

The following table is derived from our condensed consolidated statements of cash flows:

			Three Months Ended March 31,
Cash Flows from Operations (in thousands)			2026						2025
Net cash flows provided by (used in):
Operating activities			$	190,997					$	157,474
Investing activities			(61,660)						(74,186)
Financing activities			(161,451)						(122,234)

Operating Activities

Cash flow from operating activities for the three months ended March 31, 2026 increased by $33.5 million compared to March 31, 2025, primarily driven by compensation payment timing and higher operating earnings during the period for the first quarter of 2026 as compared to the first quarter of 2025.

Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as receivables, plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational results.

The following table provides a calculation of adjusted working capital:

Adjusted Working Capital (in thousands)						March 31, 2026						December 31, 2025
Receivables, net						$	1,444,558					$	1,371,352
Inventories, net						1,370,836						1,272,784
Less: Accounts payable						975,514						875,678
Adjusted working capital						$	1,839,880					$	1,768,458

Adjusted working capital has increased by $71.4 million, or 4.0%, for the three months ended March 31, 2026, driven by an increase of $73.2 million in net receivables and an increase of $98.1 million in net inventory, partially offset by an increase in accounts payable of $99.8 million. These amounts include the effects of acquisitions and foreign currency translation. Accounts receivable increased compared to the prior year as a result of higher revenue generation in the quarter. Inventories increased to support higher volume deliveries expected over the next several quarters, as supported by the order book and in line with historical seasonality. These factors also led to an increase in accounts payable.

Investing Activities

Cash flow from investing activities is derived from cash outflows for capital expenditures and acquisitions. The majority of the activity in investing activities was comprised of the following:

• Capital spending: Capital expenditures increased $11.6 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, in line with our planned capital expenditures for the year, primarily driven by investments in growth and productivity.

• Acquisitions: During the three months ended March 31, 2026, we deployed approximately $0.7 million to acquire one business within the Engineered Products segment. In comparison, during the three months ended March 31, 2025, we deployed approximately $29.3 million, net to acquire one business within the Pumps & Process Solutions segment. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

We anticipate that capital expenditures and any additional acquisitions we make through the remainder of 2026 will be funded from available cash and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or equity markets. We estimate capital expenditures in 2026 to range from $190.0 million to $210.0 million.

Financing Activities

Cash flow from financing activities generally relates to the use of cash for payment of dividends, purchases of our common stock, and cash payments related to the settlement of tax obligations for exercises of share-based awards. The majority of financing activity was attributed to the following:

• Repurchase of common stock: The Company repurchased a total of 250,000 shares for $53.9 million during the three months ended March 31, 2026 and 200,000 shares for $40.7 million during the same period in 2025. See Note 17 — Stockholders' Equity in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

• Dividend payments: Total dividend payments to common shareholders were $70.4 million during the three months ended March 31, 2026, as compared to $71.4 million during the same period in 2025. Our dividends paid per common share increased 1.0% to $0.52 during the three months ended March 31, 2026 compared to $0.515 during the same period in 2025.

Liquidity and Capital Resources

Free Cash Flow

In addition to measuring our cash flow generation and usage based upon the operating, investing and financing classifications included in the condensed consolidated statements of cash flows, we also measure free cash flow (a non-GAAP measure) which represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of earnings from continuing operations equals free cash flow divided by earnings from continuing operations. We believe that free cash flow is an important measure of liquidity because it provides management and investors a measurement of cash generated from operations that may be available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.

The following table reconciles our free cash flow to cash flow provided by operating activities:

			Three Months Ended March 31,
Free Cash Flow (dollars in thousands)			2026						2025
Cash flow provided by operating activities			$	190,997					$	157,474
Less: Capital expenditures			(59,808)						(48,192)
Free cash flow			$	131,189					$	109,282
Cash flow from operating activities as a percentage of revenue			9.3		%				8.4		%
Cash flow from operating activities as a percentage of earnings from continuing operations			80.0		%				65.8		%
Free cash flow as a percentage of revenue			6.4		%				5.9		%
Free cash flow as a percentage of earnings from continuing operations			54.9		%				45.7		%

For the three months ended March 31, 2026, we generated free cash flow of $131.2 million, representing 6.4% of revenue and 54.9% of earnings from continuing operations. Free cash flow for the three months ended March 31, 2026 increased $21.9 million, compared to March 31, 2025, primarily driven by compensation payment timing and higher operating earnings, partially offset by higher capital expenditures.

Capitalization

We use commercial paper borrowings for general corporate purposes, including the funding of acquisitions and the repurchase of our common stock. As of March 31, 2026, we maintained $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities (together, the "Credit Agreements") with a syndicate of banks which expire April 6, 2028 and April 2, 2026, respectively. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program and also are available for general corporate purposes. As of March 31, 2026 and December 31, 2025, there were no outstanding borrowings under the five-year or 364-day credit facilities.

At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose various restrictions on the Company such as, among other things, a requirement to maintain an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at March 31, 2026 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 40.8 to 1. We are not aware of any potential impairment to our liquidity and expect to remain in compliance with all of our debt covenants.

On April 2, 2026, the Company entered into a new $1.5 billion five-year unsecured revolving credit facility with a syndicate of banks on substantially similar terms as the existing Credit Agreements. The new five-year credit facility replaced the existing Credit Agreements. See Note 20 — Subsequent Events in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.

We also have a current shelf registration statement filed with the Securities and Exchange Commission that allows for the issuance of additional debt securities that may be utilized in one or more offerings on terms to be determined at the time of the offering. Net proceeds of any offering would be used for general corporate purposes, including repayment of existing indebtedness, capital expenditures and acquisitions.

At March 31, 2026, our cash and cash equivalents totaled $1.6 billion, of which approximately $512.1 million was held outside the United States. At December 31, 2025, our cash and cash equivalents totaled $1.7 billion, of which approximately $447.8 million was held outside the United States. Cash and cash equivalents are held primarily in bank deposits with highly rated banks. We regularly hold cash in excess of near-term requirements in bank deposits or invest the funds in government money market instruments or short-term investments, which consist of investment grade time deposits with original maturity dates at the time of purchase of no greater than three months.

We utilize the net debt to net capitalization calculation (a non-GAAP measure) to evaluate our capital structure and assess our overall financial leverage and capacity and believe the calculation is useful to investors for the same reason. Net debt represents total debt minus cash and cash equivalents. Net capitalization represents net debt plus stockholders' equity. The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures:

Net Debt to Net Capitalization Ratio (dollars in thousands)						March 31, 2026						December 31, 2025
Current portion of long-term debt						$	692,848					$	706,677
Long-term debt						2,597,265						2,621,295
Total debt						3,290,113						3,327,972
Less: Cash and cash equivalents						(1,641,916)						(1,676,808)
Net debt						1,648,197						1,651,164
Add: Stockholders' equity						7,489,886						7,405,206
Net capitalization						$	9,138,083					$	9,056,370
Net debt to net capitalization						18.0		%				18.2		%

Our net debt to net capitalization ratio decreased to 18.0% at March 31, 2026 compared to 18.2% at December 31, 2025. Net debt decreased $3.0 million during the period primarily due to the decrease in value of the euro-denominated debt resulting from foreign currency translation adjustments, partially offset by a decrease in cash and cash equivalents. Stockholders' equity increased for the period primarily driven by current earnings of $238.4 million, partially offset by dividends paid and share repurchases for the period.

In April 2026, JP Morgan delivered 153,652 additional shares upon completion of the accelerated share repurchase program ("ASR Program") initiated in the fourth quarter 2025. The Company received a total of 2,487,662 shares over the course of the ASR program. See Note 20 — Subsequent Events in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.

Operating cash flow and access to capital markets are expected to satisfy our various cash flow requirements, including acquisitions, capital expenditures, purchase obligations, debt maturities, and lease obligations. Acquisition spending and/or share repurchases could potentially increase our debt.

We believe that existing sources of liquidity are adequate to meet anticipated funding needs at current risk-based interest rates for the foreseeable future.

Critical Accounting Estimates

Our condensed consolidated financial statements and related public financial information are based on the application of GAAP which requires the use of estimates, assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our public disclosures, including information regarding contingencies, risk and our financial condition. We believe our use of estimates and underlying accounting assumptions conform to GAAP and are consistently applied. We review valuations based on estimates for reasonableness on a consistent basis.

Recent Accounting Standards

See Note 19 — Recent Accounting Pronouncements in the condensed consolidated financial statements in Item 1 of this Form 10-Q. The adoption of recent accounting standards as included in Note 19 — Recent Accounting Pronouncements in the condensed consolidated financial statements has not had, and is not expected to have, a significant impact on our revenue, earnings or liquidity.

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, especially MD&A, contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Some of these statements may be indicated by words such as "may", "anticipate", "expect", "believe", "intend", "continue", "guidance", "estimates", "suggest", "will", "plan", "should", "would", "could", "forecast" and other words and terms that use the future tense or have a similar meaning. Forward-looking statements are based on current expectations and are subject to numerous important risks, uncertainties, and assumptions, including those described in our Annual Report on Form 10-K for the year ended December 31, 2025. Factors that could cause actual results to differ materially from current expectations include, among other things: general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages, inflation in material input costs and freight logistics; the impacts of natural or human induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify and complete acquisitions and integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights, and various other factors that are described in our periodic reports filed with or furnished to the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

The Company may, from time to time, post financial or other information on its website, www.dovercorporation.com. The website is for informational purposes only and is not intended for use as a hyperlink. The Company is not incorporating any material on its website into this report.

Non-GAAP Disclosures

In an effort to provide investors with additional information regarding our results as determined by GAAP, we also disclose non-GAAP information, which we believe provides useful information to investors. Free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of earnings from continuing operations, net debt, net capitalization, net debt to net capitalization ratio, adjusted working capital, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for cash flows from operating activities, debt or equity, working capital or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

Reconciliations and comparisons to non-GAAP measures can be found above in this Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations.